Growth equity firm FTV Capital has sold a minority stake to Blackstone's GP stakes business, a spokesman for FTV Capital said in an email.
Blackstone's GP stakes business specializes in value-added, long-term partnerships with private market alternatives managers.
Terms of the deal were not disclosed in a joint news release from FTV Capital and Blackstone.
Brad Bernstein, managing partner at FTV Capital, said in the news release: "The Blackstone investment will enable us to invest in our firm and successfully continue our growth journey, as well as increase commitments to our funds, strengthening alignment with limited partners."
"FTV's focus on discipline and domain expertise is a great fit for the current market environment, and we believe their opportunity set continues to grow," said Ward Young, senior managing director at Blackstone, also in the news release. "The firm fits our vision for differentiated GPs with an enduring edge – GPs that have developed outstanding platforms and delivered strong results. We are excited to see FTV continue to deliver for its limited partners in the coming years."
FTV Capital invests in high-growth companies within the enterprise technology, financial services and payments business areas. Its latest growth equity fund, FTV VII, closed at $2.35 billion in 2022, and the firm has raised a total of $6.2 billion since it was founded in 1998.